According to the venture capital industry, Tim Draper, a prominent Silicon Valley investor, established the investment firm 'Draper X Ventures' in Busan earlier this month. The company is based at a co-working space for VCs operated by Busan's startup foundation and is led by Lee Se-yong, head of Draper Startup House Korea, which Draper founded in 2024.
Busan, designated as a blockchain regulatory sandbox in 2019, has positioned itself as South Korea's digital asset hub. Industry observers attribute Draper's choice of Busan over Seoul to the city's blockchain ecosystem focus.